Julian has welcomed radical changes to savings which have now come into force.
Millions of savers across the country are able to save three times as much money in their ISAs from this month. As part of the New ISA (NISA), the cash limit has gone up from £5,760 in 2013-14 to £15,000 in 2014-15.
The Skipton Building Society has led support for the development of the new products and was the first financial institution to ensure their products were NISA ready in March this year.
• The overall New ISA limit is £15,000 – and this full amount can be held in either a cash ISA, a stocks and shares ISA, or any combination of the two.
• The NISA will give savers complete flexibility over how to save and invest – allowing the transfer of savings previously held in a stocks and shares ISA to a cash ISA without losing the tax-advantage.
Almost half a million people across Yorkshire have already reached the ISA limit and could benefit immediately from the increased limit.
At the same time, the annual subscription limits for Child Trust Funds (CTFs) and Junior ISAs will be increased to £4,000 to let families save more for their children in a tax-advantaged way.
Julian Smith said:
“These important changes are about supporting savers at every stage – whether that’s saving for a home, saving for your family or saving for retirement.
“The New ISA will help millions of people putting aside money in savings have more financial security to plan for their future.”